Under sanctions imposed by the US Treasury, BitRiver is “operating vast server farms that sell virtual currency mining capacity internationally; these companies help Russia monetize its natural resources.” According to the Treasury press release, while Russia has the advantage of energy resources and a cold climate for cryptocurrency mining, “mining companies rely on imported computer equipment and fiat payments, making them vulnerable to sanctions.” The United States is committed to ensuring that no asset, no matter how complex, becomes a mechanism for the Putin regime to offset the impact of sanctions.”
Now, the shorter-term support is back at $40,000, where “traders know that for bulls to succeed, bitcoin has to stay above this critical price level.”warns Naeem Aslam, head of analysis at AvaTrade.
The expert calls for caution, however, since on the fundamentals side, the IMF’s new warning about countries using cryptocurrencies to avoid sanctions is in the spotlight. Cryptocurrencies are being used to sell oil and gas to some extent by countries like Iran and Russia. There is also concern that these countries are using the oil and gas resources to fuel cryptocurrency mining, which is another source of income, and to circumvent all sanctions.
“The IMF warning will certainly bring more regulatory attention to crypto companies, crypto exchanges, and crypto mining,” Aslam commented.
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Source: Ambito
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